Of all the various proposals that I've seen going around D.C. with regards to the elimination of the dreaded AMT, I've got to say that Congressman Paul Ryan of Wisconsin has the best plan so far. Here's a look at what Robert Novak noted about this bold solution:
Those taxpayers presumably would accept this offer: give up all your current deductions, and your annual earnings up to $100,000 would be taxed at 10 percent, with a 25 percent rate on everything above that. But that is not all. The bill would repeal the hated Alternative Minimum Tax (AMT), giving up $840 billion in revenue over the next 10 years. Government would have to get leaner.Though Ryan's proposal will probably be killed in the committee room floor due to the Democrats, it gives me great confidence that they're members in Congress who still hold dear to the heart's conservative ideas like economic freedom and the reduction in the size of government that President Reagan and Jack Kemp pushed throughout the 1980's. Now while I would prefer to have a single rate flat tax, I'm more than satisfied to see someone like Congressman Ryan trying to get the ball rolling towards such a system with his tax proposal. I just hope that one of the Republicans running for president would pick up the ideas of Congressman Ryan and take it before the American people. It would be far better than the ever encroaching socialism that we've been hearing from Hillary and others.